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Marcel Rohner appointed Group CEO, effective immediately

Zurich/Basel06 Jul 2007, 01:10Price Sensitive Information

The Board of Directors has appointed Marcel Rohner as UBS's Group Chief Executive Officer, effective today. He succeeds Peter Wuffli, who relinquishes all of his functions at UBS. Raoul Weil will succeed Marcel Rohner as Chairman and CEO of Global Wealth Management & Business Banking. Marcel Ospel will be nominated for another term as Chairman of the Board of Directors once his current term expires.

Effective today, the Board of Directors has named UBS Deputy Group CEO Marcel Rohner as UBS Group CEO. Marcel Rohner has been a member of the Group Executive Board since 2002 and was named Deputy Group CEO in January 2006. As Chairman and CEO of Global Wealth Management & Business Banking, he has, over the last few years, managed the business that has made the largest contribution to the firm's revenues and profit. UBS's current Group CEO, Peter Wuffli, will relinquish all of his functions at UBS and leave the bank. The new Chairman and CEO of Global Wealth Management & Business Banking will be Raoul Weil, member of the Group Executive Board and currently head of Wealth Management International.

Marcel Ospel will continue his strategic leadership at UBS as Chairman for at least another term. A year ago, as part of UBS's systematic management succession planning, Marcel Ospel expressed a wish to initiate a generational change of management at UBS and therefore retire from his function within the foreseeable future. He also proposed that Peter Wuffli be nominated his successor. After careful evaluation, the Board of Directors decided not to accept his proposal. It does not view the succession of the CEO to the position of Chairman as automatic. Instead, the Board identifies independently the composition of the leadership team which, in its opinion, suits the bank the best. In this context, it asked Marcel Ospel to serve for at least another term of three years as Chairman of the Board of Directors.

The Board of Directors and Peter Wuffli therefore decided to institute generational change only in UBS's operational management. Peter Wuffli will transfer all his functions, effective immediately, to Marcel Rohner, his deputy. The Board of Directors is extremely grateful to Peter Wuffli for his substantial contribution to the growth of UBS, especially to the expansion of its franchise, market position and brand strength.

Marcel Rohner, until now Deputy Group CEO of UBS and Chairman and CEO of Global Wealth Management & Business Banking, is well prepared for his new role and enjoys the full and undivided confidence of the Board of Directors. Raoul Weil has a proven management record and is in a position to take over leadership of Global Wealth Management & Business Banking in a seamless fashion. He has been head of Wealth Management International since 2002 and joined the Group Executive Board in 2005.